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DEFERRAL-TYPE 1. A company paid on June 1, 2022 one-year rent for the ground floor of a building at P720,000. The amount was debited to Prepaid Rent. 2. A company issued on October 17, 2022 a 180-day 12% P48,000 note. Interest has been paid in advance and was debited to Prepaid Interest. 3. On January 1, 2022, a company's Office Supplies account has a balance of P7,850. On June 1 of the current year, the company bought additional office supplies for P80,000 on terms 20% down and the balance to be paid within 30 days. Before full payment was made, the company returned defective office supplies amounting to P2,550. At the end of the year, office supplies still unused amount to P12,420. 4. A company received a 10-month 18 % P120,000 note dated August 31, 2022. The company collected in advance the full interest due on the note. The amount was credited to Unearned Interest. 5. Unearned Rent for P284,400 was credited by a company on May 1, 2022 representing 18-month advance collection of rent from a tenant.

DEFERRAL-TYPE 1. A company paid on June 1, 2022 one-year rent for the ground floor of a building at P720,000. The amount was debited to Prepaid Rent. 2. A company issued on October 17, 2022 a 180-day 12% P48,000 note. Interest has been paid in advance and was debited to Prepaid Interest. 3. On January 1, 2022, a company's Office Supplies account has a balance of P7,850. On June 1 of the current year, the company bought additional office supplies for P80,000 on terms 20% down and the balance to be paid within 30 days. Before full payment was made, the company returned defective office supplies amounting to P2,550. At the end of the year, office supplies still unused amount to P12,420. 4. A company received a 10-month 18 % P120,000 note dated August 31, 2022. The company collected in advance the full interest due on the note. The amount was credited to Unearned Interest. 5. Unearned Rent for P284,400 was credited by a company on May 1, 2022 representing 18-month advance collection of rent from a tenant.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare adjusting entries from Dec 31, 2022

DEFERRAL-TYPE 1. A company paid on June 1, 2022 one-year rent for the ground floor of a building at P720,000. The amount was debited to Prepaid Rent. 2. A company issued on October 17, 2022 a 180-day 12% P48,000 note. Interest has been paid in advance and was debited to Prepaid Interest. 3. On January 1, 2022, a company's Office Supplies account has a balance of P7,850. On June 1 of the current year, the company bought additional office supplies for P80,000 on terms 20% down and the balance to be paid within 30 days. Before full payment was made, the company returned defective office supplies amounting to P2,550. At the end of the year, office supplies still unused amount to P12,420. 4. A company received a 10-month 18% P120,000 note dated August 31, 2022. The company collected in advance the full interest due on the note. The amount was credited to Unearned Interest. 5. Unearned Rent for P284,400 was credited by a company on May 1, 2022 representing 18-month advance collection of rent from a tenant.
Transcribed Image Text:DEFERRAL-TYPE 1. A company paid on June 1, 2022 one-year rent for the ground floor of a building at P720,000. The amount was debited to Prepaid Rent. 2. A company issued on October 17, 2022 a 180-day 12% P48,000 note. Interest has been paid in advance and was debited to Prepaid Interest. 3. On January 1, 2022, a company's Office Supplies account has a balance of P7,850. On June 1 of the current year, the company bought additional office supplies for P80,000 on terms 20% down and the balance to be paid within 30 days. Before full payment was made, the company returned defective office supplies amounting to P2,550. At the end of the year, office supplies still unused amount to P12,420. 4. A company received a 10-month 18% P120,000 note dated August 31, 2022. The company collected in advance the full interest due on the note. The amount was credited to Unearned Interest. 5. Unearned Rent for P284,400 was credited by a company on May 1, 2022 representing 18-month advance collection of rent from a tenant.
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